Market Update January 2023

Homes in suburbs across Melbourne’s east have had some of the biggest price growth in Victoria over the last quarter, defying the state-wide slowdown.

Real Estate Institute of Victoria figures reveal that the median property price in Mitcham is $1.2 million, which is a 17% increase over recent months.

Meanwhile houses in Croydon have reached a median of $880,000, reflecting a 5.6% increase. Buyers are also snapping up homes in the suburb in 27 days – beating Melbourne’s average 40 days on market.

Nearby suburbs – Heathmont, Malvern East, Camberwell, Chirnside Park and Surrey Hills – also saw huge house price growth, with Heathmont officially becoming a million-dollar suburb ($1.13 million) after a 16.9% increase.

We also saw the value of units in Doncaster record some of the highest growth in Melbourne, with a 20% increase driving the median to $710,000. Glen Iris and Camberwell also had strong unit price growth.

Noel Jones Daniel D’Assisi described these figures as impressive, but not a surprise to those in the real estate industry.

“While property prices have declined across the country, we are still seeing quality properties reach and exceed their reserve prices, much to the delight of vendors,” Daniel D’Assisi said.

“An end to our record low interest rates was always going to have an impact, but Melbourne’s real estate market is historically strong and will remain that way.”

Melbourne’s property prices dipped by 1.1% across January, which may also be linked to the market’s holiday break and a low number of listings.

CoreLogic predicts the property slowdown may be easing as the real estate market adjusts to higher interest rates.

This is supported by quarterly figures that show Melbourne’s housing value is up slightly since October 2022.

According to CoreLogic, new listings added to capital city markets over the four weeks ending January 29 were more than 20% lower than over the same period last year.

“Less available stock on the market is generally followed by increased demand, so this could be a good time to sell and stand out in a less crowded market,” Daniel D’Assisi said.

This also rings true for Melbourne’s tightly held rental market, where vacancy rates are extremely low. CoreLogic data shows national rent figures rose by 0.7% in January, while in inner Melbourne, rent has grown by 30% in the last year.

Rental yields continue to trend up, reaching 3.85% in January. As overseas students flock back, it’s expected demand for properties in inner city areas – particularly units – will stay strong.

 Noel Jones is pleased to have started 2023 on a high, achieving premium results for our vendors. Among the highlights was the sale of a three-bedroom home in Wantirna South for $1.28 million – more than $300,000 above the suburb’s median price.

Speaking of kicking goals, we’re pleased to announce that January’s recipient of the Community Support Program is the Croydon City Soccer Club. This all-ages local club will use the funds to buy new goals and corner flags for their soccer pitches. Learn more about Noel Jones’ Community Support Program here.

Whether you are looking to buy, sell or lease, Noel Jones can help every step of the way. Contact us today.


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